TechStars offers up to $15,000 in seed funding ($5,000 per founder, max $15,000) to broke entrepreneurs with a good startup idea. Ten winners will be selected, and winners will need to spend most of their time in Boulder over the Northern summer building out their ideas. In return, TechStars takes 5% of the equity in each startup. Winners have full use of TechStar’s offices, access to legal advice, and are able to tap into a strong list of startup mentors to help them build their idea (list here). Non-US companies can apply, although must be able to legally spend most of summer in Colorado.
Of last year’s winners 8 of the 10 companies are now angel or venture backed, are profitable, and/or have had acquisition offers, and 6 of the 10 winners heard about the opportunity on TechCrunch (according to TechStats).
The Techstar’s program is similar to YCombinator, and both are solid ideas, giving wannabe startups a helping hand in turning their dreams into reality. The associated support is first rate and particularly for those not well connected in the Valley would be difficult to replicate; ultimately the $15,000 may be the headline figure but the related support makes it much more valuable.
Applications close 31 March 2008.